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Shareholders sue JPMorgan over $2B trading loss
Posted: May 16, 2012 10:24 AM by Associated Press
NEW YORK (AP) - Shareholders of JPMorgan Chase & Co. have filed two lawsuits against the nation's biggest bank, accusing it and its leaders of taking excessive risk and causing a monumental $2 billion trading loss.
The company disclosed the loss last week, saying it resulted from a failed hedging strategy.
The lawsuits filed on Wednesday in New York claim JPMorgan changed its risk model without telling investors. They say the shift led to the losses and claim company leaders misled investors.
One suit was filed by California shareholder James Baker. A second was filed by shareholder Arizona-based Saratoga Advantage Trust's financial services portfolio.
JPMorgan Chase declined to comment.
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